What did Hindenburg say on Madhabi Puri Buch's clarification?

Monday, August 12, 2024

Hindenburg has once again raised questions on market regulator SEBI chairperson Madhabi Puri Buch on the night of Sunday, August 11, 2024.

Hindenburg also made some claims while posting a post with documents on its official X account.

Hindenburg retweeted ANI's tweet containing Madhabi Puri Buch's statement and wrote, "SEBI Chairperson Madhabi Puri Buch's response to our report accepts many important things. And many new important questions have also arisen."

Hindenburg said that Madhabi Puri Buch's response confirms that she had investments in Bermuda/Mauritius funds. Whose money was used by Vinod Adani. She (Madhabi Puri Buch) has confirmed that these funds were run by her husband's childhood friend, who was then a director of Adani.

What else did Hindenburg say on Madhabi Puri Buch's response?

- SEBI was given the responsibility of investigating the investment funds related to Adani. This included funds with personal investments of Madhabi Puri Buch.

- It has also been claimed in Madhabi Puri Buch's statement that she had met both the consulting companies in 2017 with SEBI. She stepped down as soon as she was appointed. But the share holding of March 31, 2024 shows that Madhabi Puri Buch has a 99 percent stake in Agora Advisory (India), not her husband. She is still active and earning in the company.

- According to Singapore records, Madhabi Puri Buch had a 100 percent stake in Agora Partners Singapore as of March 2016, 2022. That means while being a full-time member of SEBI. Madhabi Puri Buch transferred her shares to her husband's name two weeks after becoming the chairperson of SEBI.

- Agora Advisory earned a revenue of Rs 2.3 crore in the financial year (2022, 2023 and 2024). While Madhabi Puri Buch is also the chairperson of SEBI during this period.

Madhabi Puri Buch conducted business using her husband's name from her personal email ID while being a full-time member of SEBI.

According to whistleblower documents, a few weeks before Madhabi Puri Buch's appointment as a full-time member of SEBI in 2017, Madhabi Puri Buch ensured that accounts linked to Adani were "registered only in the name of her husband Dhaval Buch."

(Click here for Android APP of IBTN. You can follow us on facebook and Twitter)

Share This News

About sharing